We know that TikTok was recently banned in India for reasons of promoting sexual content. However, the ban was lifted after a few days by the Madras High Court. We also know that TikTok owner ByteDance reported a daily loss of millions while the app was banned in India. But we believe that the losses would have been covered by now. Also, the company is starting to integrate ads in the app. And as expected, publishers are rushing to TikTok to promote their products.
Now, is a surprise revelation, TikTok owner ByteDance is said to be working on a music streaming service. This service will rival the likes of Apple Music and Spotify which was recently launched in India. Also, this service will give tough times to likes of JioSaavn and Gaana which have already established in India. According to report from Bloomberg, ByteDance is already in advanced stage regarding its music streaming service.
For this, ByteDance has acquired rights for using music from T-Series as well as Times Music, two of the biggest names in the music industry. Bloomberg also says that the service is believed to be a paid one with monthly and yearly fees. ByteDance will not name this app as TikTok but the company does hope that TikTok audience converts into a paid audience for its streaming service.
That being said, it is early times for ByteDance as it will face many hurdles in the launch of a new streaming service. In India, most of the paying customers have either pledged to the likes of Gaana or JioSaavn which are cheaper. Others have become paying customers to international services such as Apple Music, YouTube Music or Spotify.
Another aspect is the acquisition of the rights from three major companies namely Sony, Warner Bros and Universal. We know how Spotify is struggling without Warner and Universal music so we will have to wait for ByteDance’s go on this one as well.